SUI, a digital asset, has seen a significant price surge, increasing by 32.4% in the past 24 hours and over 60% in the last week. This growth has pushed SUI’s market capitalization to an all-time high of around $8.7 billion, securing its position in the 15th spot among digital assets by market value.
The surge in SUI prices has also led to a rise in trading volume, reflecting heightened market activity and a bullish outlook. The Bull Bear Power (BBP) analysis, along with the MACD line crossing above the signal line, indicates a strong bullish trend for SUI. Analysts attribute this price rise to strong on-chain metrics and a favorable market environment.
In addition to SUI’s performance, the Sui ecosystem’s lending protocol, Scallop (SCA), has also recorded substantial growth, increasing by 87% over the past week with a 25.3% increase in its total value locked (TVL). This growth demonstrates the expanding interest in the Sui network and its related assets.
Market analysts predict a potential target of $10 for SUI if current trends persist, driven by robust on-chain metrics, high trading volume, and active user engagement.
